Three euro zone nations expressed confidence for the tranche kicking into motion on Monday, which helped push the euro to its highest value against the Japanese yen since the middle of December. One currency strategist also pointed to strong economic data coming from the U.S. as being of benefit to the euro.
"A risk-on currency strategy has been playing out well, given economic numbers out of the U.S. are mostly positive," chief currency strategist Peter Rosenstreich with Swissquote Bank in Geneva told Bloomberg. "There's ample liquidity in the system, and optimism increases that there will be a second bailout deal for Greece."
When euro zone finance ministers convene in Brussels on Monday, a pact is likely to ensue, according to German Chancellor Angela Merkel, Italian Prime Minister Mario Monti and Greek Prime Minister Lucas Papademos.
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